Sears Just Launched A Site That Lets People Put Vacations On Layaway

Sears has unveiled a new travel booking site called SearsVacations.com, which unlike most sites,
lets consumers put their vacations on layaway.

As with sites like Kayak and Orbitz, customers can book their
flights, hotels, resorts, cruises and car rentals with a best
price guarantee. It's as easy as entering details, then choosing
a package and a method of payment.

Whether or not a down payment is required at the time of the
purchase is not disclosed on the site.* The site does say it will
not charge booking fees for cruises, resorts or escorted tours.

Layaway, or paying for an item in installments (usually with
interest), became a popular marketing scheme in the Great
Depression. By the 90s' credit boom, it was no longer in use, but
big box retailers like Wal-Mart saw an
opportunity to revive it by the recession when nearly everyone
was spiraling in debt.

For cash-strapped consumers, layaway looks like a smart move: You
pay what you can upfront, as Your Money editor Jill Krasny explains, then
pay off the balance when you have the money. The problem is, most
consumers rarely do that. Even worse, many layaway plans carry
interest, which can make a $100 purchase, for example, snowball
over time.

Although Sears Vacation doesn't mention such interest fees on its
site, we advise giving them a call to check beforehand. The last
thing you want is to go deeper in debt for your summer
vacation.

*A Sears representative had not yet returned a request for
comment at press time.